Morningstar

AQR Style Premia Alternative Fund Class R6 QSPRX

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  • NAV / 1-Day Return $11.17  /  −0.09 %
  • Fund Size $3.5B
  • Adjusted Expense Ratio 1.420%
  • Net Expense Ratio 6.000%
  • Fee Level: Distribution High
  • Share Class Type Retirement, Large
  • Morningstar Category Multistrategy
  • Alternative Style Box (Funds) Negative/High
  • Minimum Initial Investment $50M
  • Investment Status Open
  • TTM Yield 2.07%
  • Turnover Ratio 142%
NAV and 1-Day Return as of

Morningstar’s Analysis QSPRX

Will QSPRX outperform in the future?

Get our overall rating based on a fundamental assessment of the pillars below.

  • Process Pillar

    The Process Pillar is our assessment of how sensible, clearly defined, and repeatable QSPRX’s performance objective and investment process is for both security selection and portfolio construction.

  • People Pillar

    The People Pillar is our evaluation of the QSPRX management team’s experience and ability. We find that high-quality management teams deliver superior performance relative to their benchmarks and/or peers.

  • Parent Pillar

    The Parent Pillar is our rating of QSPRX’s parent organization’s priorities and whether they’re in line with investors’ interests.

Strong 2025 results extend the recovery from the strategy’s historical bias for the value factor and ensuing drawdown, but style balance across cycles remains a watchpoint.

Senior Analyst Jodi Lim

Jodi Lim

Senior Analyst

Summary

AQR Style Premia is a market-neutral, multi-asset long-short strategy designed to harvest four well-known risk premia—value, momentum, carry, and defensive—implemented across stocks and industries, equity indexes, fixed income, currencies, and commodities. Management targets long-run Sharpe ratios of 0.70 for the mutual fund and trust and 0.60 for the UCITS vehicle. Volatility targets differ by wrapper: The Australia-based trust targets 12% annualized volatility, while the other vehicles generally aim for 10%. The UCITS fund is more constrained, excluding commodities and promoting environmental, social, and governance characteristics.

by Jodi Lim
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Portfolio Holdings QSPRX

More QSPRX Holdings
  • Current Portfolio Date
  • Equity Holdings —
  • Bond Holdings —
  • Other Holdings —
  • % Assets in Top 10 Holdings 38.1
Top 10 Holdings
% Portfolio Weight
Market Value USD
Sector

US DOLLAR

37.84 1B
Cash and Equivalents

IRSIM BBR /4.5 AUD0928 Pay

37.24 1B
Government

IRSIM BBR /4.5 AUD0928 Pay

37.24 1B
Government

IRSIM BBR /4.5 AUD0928 Pay

37.24 1B
Government

IRSIM BBR /4.5 AUD0928 Pay

37.24 1B
Government

Ois Sofr /4% Usd0928

29.03 917M
—

Ois Sofr /4% Usd0928

29.03 917M
—

Ois Tonar /1.5% Jpy0928

21.79 688M
—

Ois Tonar /1.5% Jpy0928

21.79 688M
—

IRSIM EURI/3 EUR0928 Pay

20.16 637M
Government

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